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Nifty 50 May Futures (9,506) Taking negative cues from the Asian markets, which are trading in negative territory, the Nifty futures started the session in the red at 9,518.7; this level is also an intra-day high.
Subsequently, the contract began to decline and breached its immediate support level of 9,500 to record an intra-day low of 9,493.
The Nikkei 225 is down 0.5 per cent at 19,814 levels and the Hang Seng index has slipped 0.23 per cent to 25,277 levels. The Dow and S&P 500 futures are hovering in the negative zone.
The underlying Nifty 50 index is volatile and its market breadth is biased towards declines. The Nifty futures contract is also choppy with a negative bias. A strong fall below the immediate support band of 9,490 and 9,500 can reinforce the selling pressure and pull the contract down to 9,475 and 9,455 levels in the near term.
On the other hand, an emphatic rally beyond the immediate resistance level of 9,525 is needed to bring back the bullish momentum and take the contract higher to 9,540 or 9,550 levels.
Traders with a near-term view should tread with caution and consider initiating fresh short positions on a decisive fall below 9,490 levels with a fixed stop-loss.
Strategy: Tread with caution as the contract is choppy
Supports: 9,490 and 9,475
Resistances: 9,525 and 9,540
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